AETOS UK Breaks Even in FY21 as Sales Cost DropsJuly 14, 2021
AETOS Capital Group UK Limited (AETOS UK), the wholly-owned subsidiary of Australian broker AETOS Capital Group, published its annual financials for the year ending on March 31, 2021. The most highlighted part remained the declining turnover, but the broker also managed to narrow down its losses to break even at the year-end.
According to the Companies House filing, the broker reported a total turnover of £863,726 for the period, which is more than 54 percent lower than what was generated a year before. The turnover of the broker slumped significantly over the past two consecutive years: in FY2020 the UK entity reported a turnover of £1.89 million, while the figure was at £2.08 million in FY2019.
“The company’s principal activities during the year continued to be the provision of brokerage services to deal in financial products for retail and wholesale clients,” the filing stated. Indeed, the company primarily offers trading services with forex and precious metals.
The filing further noted: “The company had applied to vary its regulatory permission with the FCA including removal of permission to hold client monies. Some application was subsequently approved by the FCA on 18 June 2020.”
As a result of this, the sales cost of the company reduced drastically and came in at £29,517, compared to the previous year’s £709,881. The administrative cost also witnessed significant cuts with only £834,659 by the end of the period.
The revenue, sales cost, and administrative cost together resulted in a pre-tax loss of only £63.
Expansion Is Underway
Meanwhile, the brokerage group is also focused on expanding its international presence. It recently gained a new regulatory business license from the Cayman Islands Monetary Authority, Finance Magnates reported.
“Following the granting of CIMA license, AETOS Capital Group will further expand its global presence to execute the best practice and professionalism to the highest extent for more investors,” AETOS Capital Group Chairman said earlier.
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